The average rental price for housing units across Queens went up 4.07% year-over-year in August 2024, according to a report by the real estate firm M.N.S. Real Estate.
Queens had its overall rental price jump from $2,812 in August 2023 to $2,926 in August 2024. Studios, one-bedroom, and two-bedroom units each experienced price hikes over this period of time. While the year-over-year changes were not as extreme as last month, the trends were similar.
Studios again had the largest percentage increase, going up 5.92%, from $2,240 in 2023 to $2,372 in 2024. Rego Park retained its title of having the most significant increase in studio rent year-over-year among the 11 Queens neighborhoods included in the study. The cost there rose from $2,138 last year to $2,714 this year.
One-bedroom units had a 3.73% rise in rent, from $2,737 in August 2023 to $2,839 in August 2024. Once again, Rego Park had the biggest boost among the Queens neighborhoods, with the rent of one-bedroom units there going up from $2,646 last year to $2,889 this year
Two-bedroom units again had the largest increase in price, going up 4.41%, from $3,415 in August 2023 to $3,566 in August 2024. Sunnyside had the biggest change, up from $2,920 last year to $3,316 this year.
The most expensive units continue to be found in Long Island City. The average rent in August there was $3,464 for studios, $4,223 for one-bedroom units and $5,975 for two-bedroom units.
On the other end of the spectrum, Flushing continued to have the cheapest studios, at $1,795. Jackson Heights had the most affordable one-bedroom units, at $2,359, while Elmhurst had the lowest cost for two-bedroom units, at $3,006.
